以下则是北美精算师——SOA真题Course8IU：第二部分，珍惜美好的北美精算师学习时光，学生时代不多的哦。
　　4.(9points)SaturnLifeisdevelopinganewvariableannuityproductthatwillprovide:
　　?50differentinvestmentoptions.
　　?Avarietyofguaranteeddeath,annuity,incomeandwithdrawalbenefitoptions.
　　?Asset-basedexpensesthatvarywiththeaccountvalueofthepolicy.
　　(a)DefineeachstepintheproductdevelopmentprocessaccordingtoLOMA.
　　(b)Determineanddefineforthisproductdevelopmentprojecttheapplicable:
　　(i)corporategrowthstrategy,
　　(ii)marketingstrategyand
　　(iii)typeofinnovation.
　　(c)Indevelopingexpectedlapseassumptionsforthenewproduct:
　　(i)Listthefactorsaffectinglapserates.
　　(ii)Explainhowtheexpectedlapseassumptionswouldbeimpactedbyeachof
　　theproposeddesignfeatures,andjustifyyouranswer.
　　(d)Theentireproductdevelopmentprojectisexpectedtocost$10million.Saturn’s
　　variableannuityproductsareexpectedtoreturn1%ofpremiumannuallyafter-tax.
　　Theprojectedincreaseinsalesis:
　　YearWithoutNewProductWithNewProduct
　　110%210%
　　210%60%
　　310%10%
　　Calculatetheproject’sbreak-evenyear.Showallwork.
 
　　Course8I:Fall2005-5-GOONTONEXTPAGE
　　IndividualInsurance–U.S.
　　MorningSession
　　Question5pertainstotheCaseStudy.
　　5.(13points)AstheproductactuaryforMercuryLife,youhavebeenaskedtoanalyzethe
　　feasibilityofaddinganequityindexedannuitytothefixedannuityproductline.
　　(a)(5points)Youaregiventhefollowingproductdesign:
　　?Theindexperiodis6years.
　　?Theinvestmentearningsrateis5.5%.
　　?Thefirstyearcommissionis4.0%ofpremium.
　　?Otherexpensesandprofitequal5.0%ofpremium.
　　?Guaranteedminimumaccountvalueiscalculatedusing90%ofpremiumand
　　3.00%interest.
　　?Indexaccountvalueiscalculatedusing100%ofpremiumand100%
　　participationrateguaranteedfor6years.
　　(i)Calculatetheaffordableoptionbudget.Showallwork.
　　(ii)Determinechangesandadditionstotheproductdesignthatwouldreduce
　　theactualoptioncostsdowntotheaffordableoptionbudget.
　　(b)(1point)Explaintheimpactofequityvolatilityonequityindexedannuity
　　pricing.
　　(c)(5points)Youaregiventheresultsfromtheinitialpricingrun:
　　TimeProfit
　　0-25
　　160
　　20
　　30
　　442
　　512
　　6-70
　　AssumeMercuryLifeiswillingtopay5%forborrowedmoney.
　　(i)CalculatetheROIforthisproductusingtheGeneralizedROI
　　CalculationMethod.Showallwork.
　　(ii)AssessthecalculatedROIcomparedtoMercuryLife’sprofitobjective.
　　(iii)ExplainpracticalproblemsrelatedtocalculatingROI.
　　(d)(2points)Evaluatethefeasibilityofaddinganequityindexedannuitywith
　　respecttoMercuryLife’stargetmarket.
 
　　Course8I:Fall2005-6-GOONTONEXTPAGE
　　IndividualInsurance–U.S.
　　MorningSession
　　6.(9points)YouarereviewingablockofflexiblepremiumULpolicies.
　　(a)Describestepstodeterminetheminimumcashsurrendervalueforthistypeof
　　productaccordingtotheNAICUniversalLifeModelRegulation.
　　(b)Youranalysisrevealsawideninggapbetweenvalue-basedreservesandcash
　　values.Youbelieveanewexperiencestudyisneededtoreviseth*ue-based
　　reservelapseassumptions.
　　(i)Youaregiven:
　　?Theexistinglapseassumptionisbasedonaninternalstudyconducted
　　in1999oflapsesofpermanentlifepoliciesduringtheperiod1996to
　　1998,whichincludeddatafromanacquisitionin1996.
　　?Currentportfoliolapsedatacannotdistinguishbetweenfixedand
　　flexiblepremiumULpolicies.
　　?Industryexperienceistrendingtowardlowerlapserates.
　　Explainhowthekeyprinciplesinstudyingexperiencetosetassumptions
　　provideguidanceforthesespecificissues.
　　(ii)Describeconsiderationswhenadjustingabestestimateexperience
　　assumptionwithprovisionforadversedeviation.
　　(c)Anillustrationforamale,issueage45,flexiblepremiumULpolicyindicatesthe
　　coverageremainslevelforthelifeofthepolicyassumingthepolicyowner
　　continuestopaythesameannualpremiumsinceissue.
　　Youaregiven:
　　CurrentAnnualPremium$160
　　GuaranteedMaturityPremium$200
　　CRVMNetLevelPremium$150
　　ValuationNetLevelPremium$125
　　GuaranteedMaturityFundatDuration10$900
　　ActualFundatDuration10$700
　　CashValueatDuration10$650
　　PVofBenefitsatDuration10$2,500
　　45:50a????13.75
　　55:40a????11.25
　　Calculatethe10thyear
　　(i)CRVMminimumterminalreserve.
　　(ii)Statutorygainorlossuponsurrender.
　　Showallwork.
 
　　Course8I:Fall2005-7-GOONTONEXTPAGE
　　IndividualInsurance–U.S.
　　MorningSession
　　高顿网校之做人原则：思念随着时光渐渐没有了力气，爱也失去了原有的光芒。